ESOP Business Valuation

The following guide provides information on books and publications which focus on business valuation
for employee stock ownership plan purposes. Each entry below includes
the name of the source or publisher, a brief description of the resource, and notes any information that is
available free online.

Comprehensive guide explores and resolves many practical issues faced by valuation analysts in valuing a company
for ESOP purposes, with topics covered in this guide including structuring the transaction, valuation issues,
role of the independent financial advisor, specialized financial advisor issues, and valuation and financial
opinion reports. Detailed table of contents is available online.

Third edition of this publication brings together the best articles published by the National Center For Employee
Ownership on valuing a company for employee stock ownership plan purposes, with topics covered in this book
including introduction to ESOP valuation, ESOP valuation case study, valuing S corporations, repurchase liability
and valuation effects, and valuation issues in leveraged buy-outs.

Produced by The ESOP Association's Advisory Committee on Valuation, this publication discusses
the major issues to be resolved in valuing a company for employee stock
ownership plan purposes, specifying where a consensus of opinion does or does not exist, with a focus on valuation
issues for which there is an absence of regulatory guidance from the U.S. Department of Labor and the IRS.

Publication addresses the impact of a leveraged employee stock ownership plan on a company's balance sheet and
income statement, with topics covered in this guide including compensation adjustment for retirement benefits,
tax and interest adjustments, the treatment of ESOP debt for valuation purposes and upon plan termination, and
the effect of dividends used to pay this debt.

Publication provides a detailed explanation of the considerations specific to the valuation of equity interests
for private company ESOPs, with topics covered in this text including entity structure, tax incentives, put
rights, repurchase obligation, ESOPs with debt, and adjustments for voting power and lack of marketability.
Detailed table of contents and searchable text are available free online.

Topics addressed in Chapters 32 and 33 include types of ESOPs, valuation of a company for ESOP purposes, adequate
consideration, independence of the appraiser and the appraiser's role, reporting requirements, valuation approaches
and methods, ESOP-specific adjustments, control premiums, discount for lack of marketability, repurchase liability,
IRS audit guidelines, and ESOP court cases.